Cybersecurity challenges: Defense and disclosure
Cyber risks are a major concern for management and boards and remain noteworthy to investors and company stakeholders. Breaches, ransomware, malware, and other attacks are increasing, and the risk curve continues to go up.
As breaches become more pervasive and threaten shutdowns of company operations, there is greater urgency for companies and auditors to be aware of and head off these risks.
At the annual AICPA CIMA Conference on Current Securities and Exchange Commission (SEC) and Public Company Accounting Oversight Board developments in December, a panel of experts shared perspectives regarding the criticality of cybersecurity risks, what the response of management and boards should be, and how proposed disclosure requirements need to be incorporated into cyber-related responsibilities.